Key points

 

Tax credits

  • Tax credits will now remain unchanged, after having lost a key vote on the House of Lords

 

 Housing

  • The rate of Housing Benefit in the social sector will be capped at the same rate as is paid to those in the private rented sector.
  • Money will be spent to encourage home builders to construct starter home
  • There will also be an investment in the shared ownership scheme
  • 3% Surcharge on stamp duty on some buy-to let properties and second homes levied from April

 

Devolution

  • Councils will receive the full amount of revenues from business rates, up from 50pc. They will also have the power to cut their own business rates.
  • Councils which have responsibility for social care will be able to add 2% to council bills
  • Local councils will retain 100pc of the funds received from their asset sales to enable them to “improve” the services they wish to provide.
  • North Ireland’s assembly will have greater power over corporation tax, and will choose to set this at 12.5pc.

 

Pensions

  • The state pensions will rise by more than £3 to £119.30 a week from next April. It is the largest increase in 15 years.
  • However, the state pension age will also rise. Mr Osborne says this will allow the triple lock on pensions to be maintained.
  • The Chancellor says the Conservatives have left pensioners £1,125 better off a year since coming into power.

Tax

  • Each individual will have their own digital tax account.

 

Health

  • The Chancellor has announced a £6bn spending boost for the NHS, as fears grow that the healthcare system has been underfunded. It is the first £6bn of a total £10bn boost.
  • A new goal of training 10,000 more nurses, with the cap on training places scrapped. Student nurses will now receive loans rather than grants
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